I have always had respect for Frank Holmes of US Global Investors as being one of the few main street gold bulls over the last several years. My opinion changed Friday when they sent out their weekly summary of the markets and stated the following:

Some of the weakness in gold was attributed to liquidations of long positions related to an upcoming hearing by the Commodity Futures Trading Commission to investigate speculative interest in the precious metals market.

That's right....better sell those long positions before the meeting for fear of being accused of manipulating the market. What about the short positions Frank? Ever heard of the concentrated short positions that has existed for years? Apparently not. Now I have to add another supposed gold bull to the list of the clueless. Who would have thought?

stateside